X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

NEW YORK CITY-Massey Knakal Realty Services sold a Bronx apartment portfolio for $23.8 million or $92.77 per sf. An unidentified Brooklyn investor took the four buildings in an all-cash transaction with a cap rate of 6.1%.

The transaction includes three adjoining buildings, 1944 Unionport Rd., 1954 Unionport Rd. and 1980 Unionport Rd., plus 733 Arnow Ave. The Unionport Road buildings are all six-story properties while the Arnow Avenue facility is a five-story walk-up.

The buyer gains 332 residential apartments, three superintendent units, two commercial units and a cell phone antennae in the deal. 98% of the apartments are rent stabilized, with the remainder being rent controlled. Only 10 units are vacant across all the buildings.

“With 98% of the apartments designed as rent stabilized, the portfolio offers the ability to capitalize on significant increases in revenue from capital improvements and lease turnover during the long-term,” says Massey Knakal partner Marco Lala. Lala exclusively represented the seller. Massey Knakal brokers handled both ends of the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.